ORDINANCE
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing the cost of the acquisition, construction, rehabilitation, development, and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, by this Ordinance, the City Council of the City (the "City Council") has determined that it is necessary and in the best interests of the City to provide Multi-Family Housing Financing to Jeffery Towers LLC, an Illinois limited liability company (the "Borrower"), the sole manager of which is The Interfaith Housing Development Corporation of Chicago, an Illinois not-for-profit corporation (the "Manager"), to enable it to pay or reimburse a portion of the costs of the "Residential Project" (as described and defined in the following paragraph) within a building which is located at 7020 South Jeffery Boulevard Chicago, Illinois and contiguous parking facilities located at 7037 South Euclid Avenue, Chicago, Illinois (the "Facility") on certain real property (the "Property"); and
WHEREAS, the "Residential Project" consists of (i) the acquisition, construction, rehabilitation, development, and equipping of certain portions of the Property, which will consist of approximately 135 rental units, all of which will be affordable units (the "Affordable Units" or the "Units"), together with (ii) related common areas within the Facility and (iii) parking facilities (collectively, the "Project"); and
WHEREAS, by this Ordinance, the City Council has determined that i...
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